Japan to Dispose Anonymous Cryptocurrency

May 2, 2018

Japan’s Financial Services Agency (FSA) exerts pressure upon local crypto exchanges to make them leave out privacy-oriented coins like Monero, Zcash and Dash.

As sources close to the FSA report, the regulator while having exclusive power to grant licenses for crypto exchanges takes all efforts to influence internal trading platforms. The FSA demands exchanges to stop supporting altcoins that allow for anonymous transactions.

The agency asserts, these cryptocurrencies are usually harder to track than Bitcoin and got used intensively in the underworld.

For instance, Monero is now often related to “cryptojacking” attacks when hackers infect computers with malwares that seize CPUs and used them for crypto mining.

Today there is no official ban on trading or facilitating anonymous cryptocurrency. Still the struggle of the FSA against privacy-oriented altcoins seems to bring its positive results.

Lately Coincheck that fell victim of huge January hack and was later acquired by Japan’s broker company Monex has dropped Monero and two other less known altcoins in its last attempt to convince the FSA the exchange deserves license.